Ripple Pumps then Stalls After the News
Judge Analisa Torres of the U.S. District Court for the Southern District of New York said that Ripple did not break the law when the cryptocurrency it created, XRP, was sold on public exchanges but, ruling that the network's XRP token was a security when Ripple sold it to institutional investors a number of years ago.
Federal court rules Ripple’s XRP token can be treated as a security… sometimes.
The ruling was not a complete victory for the industry.
SEC-v.-Ripple-Ruling-on-Motions-for-Summary-Judgment-1
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People took very positively to the news, lets take a look at the Ripple Technicals now.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 66.8093. This is not an overbought or oversold reading. The last signal was a sell 9 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 77.84. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 39 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 247.This is an overbought reading. However, a signal isn't generated until the indicator crosses below 100. The last signal was a buy 6 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.
Ripple Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
Ripple is currently 70.8% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of Ripple at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on Ripple and have had this outlook for the last 1 periods. Our momentum oscillator is currently indicating that XRP is currently in an overbought condition.
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